Atletico chief executive Miguel Angel Gil, who sold striker Diego Costa to Chelsea earlier this summer, has held talks with the Blues about a cut-price deal to bring Torres 'home' seven years after he left for Liverpool in a £26m deal.

They only want to pay around £15m for the 30-year-old, whose career with the Londoners has failed to take off since a £50m move from Liverpool three and a half years ago.

Chelsea would want around £20m and Atletico have been told they must raise their price and match his contract, with Torres in no rush to leave Stamford Bridge.

Atletico will not give up on Torres after missing out on Manchester City's Alvaro Negredo, while their attempts to get Romelu Lukaku on a season-long loan have also failed so far.

The Champions League finalists have also renewed their interest in Arsenal's Spanish left back Nacho Monreal.

Atletico looked at Monreal at the start of the summer and have come back in, hoping that Arsenal might sell for around £5m as he has failed to hold down a regular place at the Emirates.

They have also looked at Sevilla's Alberto Moreno - a Liverpool target - and brought in Guilherme Siqueira but still want another left back as they look to use their cash windfall to strengthen their squad.